March 21, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 3/21/2023 by Michael Filighera

Tuesday’s trade was again wild and wooly to say the least — with the expiring VIX options tomorrow morning at 9 AM EDT the strong rallies seen in both the ES and NQ was a result of a strong tailwind occurring as the VIX dropped nearly 3 points.  With the options basically closing today on the close the markets did see some stronger selling into the closing bell.  Both the NQ and the ES have reached upside resistance levels that are strong candidates for the current wave patterns, Minor wave 2 in the NQ and a minute wave 2 in the ES to be complete.  I updated the labeling for both markets as well as adding additional layers of Fibonacci extensions.

Tomorrow is again void of any economic data – as the world and the markets await the FED decision which is turning out to be a MAJOR announcement that has been pumped by every pundit/analyst from every sector you can think of.  That decision will be known at 2 PM EDT with the FED Chair, Mr. Powell stepping up to the microphone at 2:30 PM EDT for his press conference.  Personally, I have my opinion on what may happen, but I wouldn’t pretend to understand what goes on at the meeting and what the final decision will be.  What I will add is that whatever the decision will be the reaction will be very powerful and likely in both directions.